1st Time Buyers: What you need to Know

• The first step towards the purchase of a new home is to determine what type of home you can afford. After forming a budget, utilize our mortgage calculator to determine a payment you can afford.
• Decide which features are most important to you. Make a list of those features. Some of the items you may consider are: schools, number of bedrooms, location in relation to work and square footage.
• Once you know what is important, you can begin your search based on your determined basic needs.
• There are First Time Buyers assisted programs available. Ask us how you can participate.

Buying Vs. Renting

• You no longer have to beg the landlord to update your home!
• Your home is an asset. You make money instead of throwing it away!
• You gain a tax write-off from the amount of interest and taxes you pay.
• Your mortgage is a set amount. The landlord won’t be able to raise your rent.
• The home is yours! You can make any changes you want without asking for permission!

Budgeting for your new dream home

• It is important to understand all of the new expenses that will come with home ownership. Items that your landlord may have taken care of in the past are now your responsibility. Make sure to include additional items such as electricity, water and gas into your new budget. Home Owners dues may be an additional expense you could incur as well.
• When purchasing a pre-owned home, the seller may be able to provide you with a list of home expenses. This will allow you to know approximately how much your monthly expenses may run.
• Plan ahead. Set money aside to cover your house payments for at least six months should something unexpected happen. Unexpected medical bills and lost jobs are two of the most common reasons home owners lose their homes.